| Reviewed: |
Jun 28, 2010 by Business Editorial Board |
| Overview: |
This video consists of two parts and is a presentation on the FASB Accounting Standards Codification Project which became effective July 1, 2009.
Part 1 (3:22) provides background on the new Codification and also discusses which items were been excluded.
Part 2 (3:27) addresses how is the Codification is structured. Ms. Horowitz discusses the four main groupings of topics and the manner in which they are organized into topics, subtopics, sections, and subsections. She provides the recommended manner in which accounting standards are referenced. Finally, recommendations are provided for updating firm documentation for the effects of the Codification. |
| Learning Goals: |
To inform users of a recent, major development in accounting - that as of July 1, 2009, all authoritative guidance for Generally Accepted Accounting Principles (GAAP) is now in the FASB Codification, except for guidance from the Securities and Exchange Commission. |
| Target Student Population: |
Undergraduate: intermediate or advanced accounting courses.
Graduate: Financial accounting course.
Accounting Professional: As an update course. |
| Prerequisite Knowledge or Skills: |
Basic knowledge of US accounting standards. |
| Type of Material: |
YouTube video lecture/presentation with accompanying outline and notes. |
| Recommended Uses: |
In an academic setting, the presentation could be used as an individual assignment, a lecture, or a review.
The presentation could also be used by accounting professionals as for a continuing professional education. |
| Technical Requirements: |
Sound card and speakers. High-speed Internet access. Web browser (Mozilla Firefox 3.6.3 was used when reviewing the presentation). |
